Home / Questions / The most recent financial statements for Fleury Inc., follow.Interest expense will remain
The most recent financial statements for Fleury Inc., follow.Interest expense will remain constant; the tax rate and thedividend payout rate will also remain constant. Costs, otherexpenses, current assets, fixed assets and accounts payableincrease spontaneously with sales.
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FLEURY, INC. 2011 Income Statement |
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Sales |
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$ |
743,000 |
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Costs |
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578,000 |
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Other expenses |
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15,200 |
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Earnings before interest and taxes |
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$ |
149,800 |
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Interest paid |
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11,200 |
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Taxable income |
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$ |
138,600 |
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Taxes (35%) |
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48,510 |
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Netincome |
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$ |
90,090 |
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Dividends |
$ |
27,027 |
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Addition to retained earnings |
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63,063 |
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FLEURY, INC. Balance Sheet as of December 31, 2011 |
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Assets |
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Liabilities and Owners’ Equity |
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Current assets |
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Current liabilities |
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Cash |
$ |
20,240 |
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Accounts payable |
$ |
54,400 |
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Accounts receivable |
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32,560 |
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Notes payable |
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13,600 |
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Inventory |
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69,520 |
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Total |
$ |
68,000 |
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Total |
$ |
122,320 |
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Long-term debt |
$ |
126,000 |
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Owners’ equity |
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|
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Fixed assets |
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Common stock and paid-in surplus |
$ |
112,000 |
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Net plant and equipment |
$ |
330,400 |
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Retained earnings |
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146,720 |
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Total |
$ |
258,720 |
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Total assets |
$ |
452,720 |
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Total liabilities and owners’ equity |
$ |
452,720 |
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Complete the pro forma income statements below. (Inputall amounts as positive values.) |
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FLEURY INC. Pro Forma Income Statement |
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15% Sales Growth |
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20% Sales Growth |
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25% Sales Growth |
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Sales |
$ |
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$ |
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$ |
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Costs |
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Other expenses |
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EBIT |
$ |
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$ |
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$ |
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Interest |
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Taxable income |
$ |
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$ |
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$ |
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Taxes (35%) |
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Netincome |
$ |
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$ |
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$ |
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Dividends |
$ |
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$ |
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$ |
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Add to RE |
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Calculate the EFN for 15, 20 and 25 percent growth rates.(Negative amounts should be indicated by a minus sign.)Show all work and formulas. |
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15% |
20% |
25% |
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EFN |
$ |
$ |
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